WEBVTT S AT THE TAXCUTS AND CHANGES FOR AVERAGEFOLKS.MICHAEL: SO, WILL TAX REFORMSAVE YOU MONEY?DEPENDS.ITDEPENDS.THE HOUSE BILL CUTS THE TAXRATES.THE ARE 7 NOW, THIS BILL CALLSFOR MOST OF US ARE IN THE LOWESTTWO.12% IS THE LOWEST RATE OF SINGLEAND MARRIED COUPLE WHO FILE AJOINT RETURN25% FOR A SIMILAR GROUP, THEDIFFERENCE IS IF A MARRICOUPLE FILES JOINTLY.A BIG CHANGE, DOUBLING THESTANDARD DEDUCTION.SAVING SOME MONEY ANSIMPLE FIND THE TAX FORM.>> WHAT IT WILL DO IS REDUCE THENUMBER OF PEOPLE WHO HAVE TOFILE WHAT USED TO BE CALLED ALONG FORM, OR HAVE TO ITEMIZE.MICHAEL SCOTT MCRUER LEADS A: NORTHLAND ACCOUNTING FIRANOTHER BIG CHANGE HE SEESELIMINATING THE CURRENT PERSONAL, EXEMPTION WHICH IS JUST OVER, $4,000 FOR EACH MEMBER OF AFAMILY.SCOTT: SO: -- SO, IF YOU HAVE AFAMILY OF FOUR, THAT PERSONALEXEMPTION IS WORTH SOMETHINGOVER $16,000.AND THAT'S $16,000 THAT USED NOTBE EXPOSED TO INCOME TAX.NOW IT WILL BEMICHAEL A PROPOSED REDUCTION IN: THE HOME MORTGAGE DEDUCTIONPROBABLY WON'T AFFECT MOST OFUS, UNLESS YOU'RE WEALTHY, -- WEALTHY.SCOTT LIVING IN KANSAS CITY,: MOST PEOPLE DON'T HAVE A HALFMILLION DOLLAR MORTGAGE. MOSTPEOPLE.CERTAINLY THERE ARE SOME THATDO.MICHAEL NOW REMEMBER, THIS IS: NOT DONE.THE SENATE HAS THEIR OWN VERSIONOF TAX REFORM.ULTIMATELY, BOTH SIDES HAVE TOAGREE ON AN IDENTICAL BILL.THAT COULD TAKE SOME TIME.IN KANSAS CITY, MICHAEL MAHONEYKMBC 9 NEWS.